Hong Kong stamp duty

To rein in the city's runaway housing prices, Hong Kong's Financial Secretary John Tsang Chun-wah announced an additional 15 per cent stamp duty on non-permanent-resident and corporate buyers starting from October 27, 2012. The move prompted speculation over the effectiveness of taxation on the real estate market and criticisms that Hong Kong was turning away from its roots as a free market economy in favour of a more protectionist market environment.

 

Government records four-month surplus

The government recorded a consolidated surplus of almost HK$4.8 billion during the first four months of the fiscal year.

The surplus raised Hong Kong's fiscal reserves to HK$374.1 billion as of July 31.